CBS News Sixty Minutes: Congress: Trading stock on inside information? Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill.
Insight into the world of insider trading & crony capitalism on Capitol Hill via Peter Schweizer's new book, "Throw Them All Out"; gets the 'Sixty Minutes' halo effect!
(Just asking: Is anyone at the Miami Herald, South Florida Sun-Sentinel or South Florida's local TV news outfits actively asking who among our South Florida congressional delegation -or their spouses- has profited from this sweet pipeline to inside info and $$$? Don't hold your breath!)
Insider trading is illegal — except for members of Congress. A Wall Street executive who buys or sells stock based on insider information would face a Securities and Exchange Commission investigation and quite possibly a federal prosecutor. But senators and congressmen are free to legally trade stock based on nonpublic information they have obtained through their official positions as elected officials — and they do so on a regular basis.
CBS News Sixty Minutes video: Correspondent Candids - Questioning Pelosi: Steve Kroft heads to D.C.
...But an examination of grants and guaranteed loans offered by just one stimulus program run by the Department of Energy, for alternative-energy projects, is stunning. The so-called 1705 Loan Guarantee Program and the 1603 Grant Program channeled billions of dollars to all sorts of energy companies…